In the meantime, the price of the cryptocurrency soared more than 15% after the U.S. Federal Reserve raised the benchmark interest rate by 75 basis points.
Ether has experienced a resurgence on the cusp of the Merge event, which will mark its full transition to the proof-of-stake consensus mechanism. As, Digital Currency Group CEO Barry Silbert recently tweeted that he was"genuinely excited" about the much-anticipated network upgrade. However, it should be noted that Ethereum will not be able to fix all of its scaling woes right out of the gate with the Merge. After the event, the blockchain will be only partially complete, and it will have to go through other upgrades before unleashing its full potential.
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